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A spokesman for financial data company Moneyfacts says: 'The option of having a money transfer credit card is great for people stuck with an expensive overdraft who need time to clear the debt.However, at 4per cent, the fee to clear the overdraft is high.

'Some customers may assume the fee would be on par with balance transfer fees, but this is not the case.

Credit Card Reality Check Calculator

Your plastic debt

This calculator will show you just how long it's going to take you to clear your credit card balance if you don't wake up, face reality, stop paying the bare minimum and start clearing this punitive form of debt.

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